wheat

Soybeans for March delivery soared 24 cents higher today closing around 12.53 a bushel and closing at 4 month highs. The soybeans have been a very choppy market in the last 2 months and if you held on to your long position it is starting to pay you off.

Soybeans open higher with a weaker dollar and general bullishness in the commodity sector. March soybeans are up 11 cents currently trading at 12.39 a bushel. Last weeks high of 12.47 might be re tested tonight or tomorrow. Corn and wheat are higher by only 3 cents after a sharp sell off last week. Oat futures remain strong opening higher by 2 cents trading at 3.20 a bushel.

The grains were down again today making wheat and corn hit 2 week lows on bearish sentiment. Wheat futures for March delivery were down sharply over 16 cents to close around 6.30 a bushel finishing down sharply for the 2nd day in a row. Corn futures continued their selling for the 2nd day in a row as well finishing down 8 cents closing around 6.30 a bushel. Soybean futures for March were only down 1 cents closing around 12.27 a bushel.

The grain futures are selling off for a 2nd day in a row causing corn and wheat prices to test 2 week lows. Soybeans are now down 30 cents from yesterdays highs and the tone in commodities today is bearish with many sectors trading lower. Oat futures are higher by 1 cent bucking the bearish sentiment.

The grain market had some wild swings today erasing early gains just too turn negative going into tomorrow’s USDA report on crop inventories and production. There are many mixed views on how large the South American crop will be and what the size of the carryover. The report last month was very bearish across the board with corn trading limit down and wheat and beans sharply lower.

A very quiet trading session in grain market today with traders keeping a close eye on Thursdays USDA crop report. Soybean futures were down only 1 cent to close around 12.32 a bushel in only a 12 cent trading range today. Corn futures were lower all day and finished down by 2 cents to close around 6.42 a bushel. Corn has been in a 10 cent trading range for 2 straight weeks and could breakout to the upside if some bullish news comes out of Thursday’s report.

The oats led the way today gaining more than 12 cents a bushel to close at 3 month highs of 3.26 a bushel. Soybean futures for March delivery also hit 3 month highs early in the trading only sell off and finish near its low for the day at 12.33 a bushel. Wheat futures were higher by 7 cents after two straight down days.

The grain market opened mixed with soybeans unchanged while corn is lower by 5 cents. Wheat is unchanged while the oats continue to climb up 4 cents. I still believe these markets are going higher and would not surprise me if they finish in positive territory today.

Wheat futures were sharply lower after a couple of sharply higher trading sessions finishing lower by 12 cents to close around 6.61 a bushel. Soybean futures were quiet to close around unchanged for the trading session settling at 12.17 a bushel. Corn traded higher and lower today before settling unchanged as well to close at 6.43 a bushel. Oat futures which I have been recommending to buy closed higher once again by 3 cents to close around 3.08 a bushel.

The grain market jumped in on the overall bullishness in the stocks and commodities today with soybean futures up 18 cents to close around 12.17 a bushel, if the US Dollar continues to head lower this will put upward pressure on commodities and especially the grain market. Corn futures were higher by 3 cents to close around 6.45 a bushel. Wheat futures for March delivery were higher by 9 cents to close around 6.75 a bushel which is a 12 week high on warm weather concerns in the Midwest. Oat futures were also higher by 7 cents to close around 3.05 a bushel in sympathy with wheat.

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